Canada Pension Fund Opens Brazil Office
The Canada Pension Plan Investment Board plans to open an office in São Paulo in April to increase long-term real estate investments in Latin America.
The office opening is part of CPPIB's plan to diversify its $192.8 billion portfolio.
"Latin America is expected to be a leading source of global growth in the decades ahead," Mark Wiseman, CPPIB chief executive, said in a statement. "The office will support our efforts to gain access to the best investment opportunities in the region and will help us to continue to forge important relationships with local partners."
The public pension fund already has offices in Toronto, London and Honk Kong. The new São Paulo office will focus on Brazil, Chile, Colombia, Mexico and Peru, with investments that follow the fund's long-term plans.
CPPIB already has approximately C$5 billion invested in assets in the region.
Last October, the fund committed $240 million
for a 40 percent interest in a venture with Banco BTG Pactual S.A. to invest in Brazil residential development.
The fund opened an office in New York City last month. It has more than C$60 billion invested in the U.S. across many asset classes, according to the statement.
The fund will first focus on real estate and infrastructure investments with the new Latin America office. Once the region's economy loosens restrictions and capital flows more freely, the fund will focus on public and private equity and residential housing, Reuters reports.